Saving money can be challenging for many people, so why not turn the miserable challenge into a game? These days, money challenges are growing in popularity. This has more or less resulted in a money saving revolution where the focus is on winning while creating a stable future. They’re even a little fun, which helps keep the commitment.
Some of the challenges range from very simple to quite extreme. If you keep things reasonable, you can have a good time and more money in the bank as a result.
The following are the 3 popular savings challenges that are fun and, yes, they are safe.
Challenge #1: 52 Week Challenge
This challenge is what it sounds like – a 52-week challenge. Every week, you put a predetermined amount of money in your savings. The first week you deposit $1 and on week 52, you deposit $52. This will give you a total of $1,378 saved for the year. This is a good place to start when trying to get in the habit of saving money.
Challenge #2: $5 Challenge
This is another simple challenge. Any time you find a $5 in your wallet or purse, put it in an envelope, coffee can, or a jar. In other words, refrain from spending $5 and simply save them. You would be amazed at how much your accumulated $5 would add up to. You can do the challenge for just 6 months or go for an entire year.
The challenge works best for people that use cash some of the time. If you never carry cash and use just credit or debit, then you’re not going to save a lot of $5. According to research, spending cash instead of using a card helps you spend less money.
If you don’t want to do the challenge with $5, you can do it with any denomination.
Challenge #3: No Spend Challenge
Lastly, the No Spend Challenge is a flexible challenge that has very simple rules. All you have to do is decide to not spend money for a specific period of time. Maybe you want to start with a day or even a week. The only money you are allowed to spend is for necessities like food, shelter, gas, utilities, insurance, credit card payments, and the things that already exist. The things you’re prohibited from doing include going out to eat, buying toys, clothes shopping, or doing anything that is considered “extra.”
Many people have found that they spend much less when doing this challenge. They are more likely to re-purpose items they already have, barter for necessities, and even get more things done around the house. It might be difficult to do this challenge at first, but you can get used to it after a while. In fact, it can become a way of life.
Just remember that whatever challenge you decide to do should be fun. Make sure you keep your eye on your goals. You can even recruit friends and family members to do them with you so you can keep each other on track.